Co‐innovation: convergenomics, collaboration, and co‐creation for organizational values

Sang M. Lee (Department of Management, University of Nebraska – Lincoln, Lincoln, Nebraska, USA)
David L. Olson (Department of Management, University of Nebraska – Lincoln, Lincoln, Nebraska, USA)
Silvana Trimi (Department of Management, University of Nebraska – Lincoln, Lincoln, Nebraska, USA)

Management Decision

ISSN: 0025-1747

Publication date: 25 May 2012

Abstract

Purpose

The aim of this paper is to present a macro view of the evolution of innovation for value creation, from the closed to collaborative, open, and now co‐innovation. It reviews several mega trends that have dramatically changed the dynamic nature of the global market place and also several new forces that have made innovation imperative for organizational value creation.

Design/methodology/approach

The paper provides a conceptual overview of co‐innovation through some of its basic elements such as convergence revolution, collaboration, and co‐creation with stakeholders.

Findings

Co‐innovation is a new innovation paradigm where new ideas and approaches from various internal and external sources are integrated in a platform to generate new organizational and shared values. The core of co‐innovation includes engagement, co‐creation, and compelling experience for value creation. Thus, the practices of co‐innovative organizations are difficult to imitate by competition.

Practical implications

Innovation is imperative for organizational survival in today's turbulent global market. This conceptual paper presents many real‐world examples of co‐innovative firms' strategies that can provide new insights for follower organizations.

Social implications

Innovation is a universal strategy for every organization, be it a firm, non‐profit organization, or even a government agency. The new innovation approaches suggested in the paper can contribute to social reforms such as creating shared value for all stakeholders.

Originality/value

This is an original paper that presents a broad‐stroke direction and vision for new organizational strategies for innovation.

Keywords

Citation

Sang M. Lee, David L. Olson and Silvana Trimi (2012) "Co‐innovation: convergenomics, collaboration, and co‐creation for organizational values", Management Decision, Vol. 50 No. 5, pp. 817-831

Download as .RIS

DOI

: https://doi.org/10.1108/00251741211227528

Publisher

:

Emerald Group Publishing Limited

Copyright © 2012, Emerald Group Publishing Limited

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